The Bank of Ghana (BoG) will officially unveil its new $250 million headquarters, “The Bank Square,” on November 20 in Accra.
The event will be graced by President Nana Addo Dankwa Akufo-Addo, who will be the guest of honor.
The project, a significant public investment, has drawn criticism following the BoG’s reported loss of 10.5 billion cedis in 2023. Critics, including MP Yusif Suleman, questioned the financial logic behind proceeding with the construction.
In response, Stephen Opata, Special Advisor to the BoG Governor, defended the decision, stating that abandoning the project at this advanced stage would incur greater financial costs due to existing contractual obligations.
He emphasized that completing the headquarters is crucial for the BoG’s operational needs and would ultimately save more money in the long run.
The new facility, which has been in the works for several years, aims to provide the BoG with a modern and functional space to enhance its operational capacity.
Despite the financial challenges the central bank faces, the BoG insists that the completion of the headquarters is vital for its continued operations and aligns with the institution’s long-term goals of modernization.
The Bank Square is expected to serve not only as a symbol of the BoG’s progress but also as a hub for banking and financial activities in the country.
BoG officials have also noted that the project was already 85% complete at the time the concerns were raised, which further supported their decision to finish the construction rather than incur additional costs by halting the process.
The inauguration of the new headquarters is seen as a significant milestone for the central bank, which continues to work on stabilizing the country’s financial system.
